The independent institutions, who had curled inside their shells under the Modi government, are now popping out. Not only that, they are also taking independent decisions.
The latest RBI-report on Demonetisation has given a golden opportunity to Opposition who are using it as their latest weapon to attack Modi and his government.
Sources say that after the Demonetisation master-plan showed weak results, its torch-bearers quietly put out its fire. The mastermind behind the move, Modi, himself gradually edited Demonetisation out of his speeches.
But when the RBI released its latest report, the DeMon came back to haunt the BJP. The RBI report says that of the demonetised Rs 1000 and Rs 500 notes, around 99.3 per cent have returned to the banks. Meaning thereby, only Rs 10,720 crore didn’t find their way back. Then again, demonetised notes are yet pending to come from neighbours like Nepal, Bhutan.
Ironically, the government had to spend Rs 7,965 crore on printing of new notes. The amount for same in the year before that stood at half-point, i.e. Rs 3,421 crore. On the other hand, fake Rs 100-notes saw a jump of 35 per cent, and that of Rs 50 recorded a hike of 154.3 per cent.
Figures show that this sudden decision of note-ban put an axe on small and medium enterprises, and shook the savings of common man. Not only these, the debts on banks also increased and the rate of employment generation slumped.
All in all, demonetisation has been subsided from the government’s electoral bugle.